very typical, it takes a few seconds to deposit money but several frustrating weeks/months to make a withdrawal. Now the excuse is a software bug but isn't it the brokers responsibility to fix the bugs ? Why should traders always have to bear the brunt? This one is another scam story in the endless list of scams that unfortunately have become the norm rather than the exception
ForexVerified
Private, 1st Class
- Messages
- 579
I can't comment about using pending orders to 'cheat' - I've never heard of that before - but it takes a pretty insane trader to place 2 orders of 2.0 lots each on a $250 account. Wow!
Regardless I can't find anywhere that fxup.me claims to have ECN accounts.
Contract specs:
Contracts specification
The trades in the screenshots have either no suffix or a 'y suffix. This means you were trading either 5-digit or 4-digit quotes with Instant Execution which is definitely not ECN. The NDD (no-dealing-desk) quotes are Market Execution types and have different suffixes from the screenshots shown.
I would love to see fxup.me join the conversation and explain how the pending orders were used, or can be used, to cheat the data feed.
Scott
Regardless I can't find anywhere that fxup.me claims to have ECN accounts.
Contract specs:
Contracts specification
The trades in the screenshots have either no suffix or a 'y suffix. This means you were trading either 5-digit or 4-digit quotes with Instant Execution which is definitely not ECN. The NDD (no-dealing-desk) quotes are Market Execution types and have different suffixes from the screenshots shown.
I would love to see fxup.me join the conversation and explain how the pending orders were used, or can be used, to cheat the data feed.
Scott
Sad to see these things go on. I learned a long time ago just to deal with the regulated brokers in WESTERN EUROPE, Canada the USA and Australia. Why play with these idiots? High Margins? High Margins will kill you anyhow. I am currently with an Australian broker with segregated funds. No worries.
I would like to see the evidence highlighting the software vulnerabilities and their use. Surely there are logs on their system showing dates, times, amounts, and all the rest. What software was being used? They say the have found this, then they do not show it. This is very suspect. We need to see the proof, not just hear the BS.
Reported incidence of defrauding a trader of his net wins - fkayode
He who goes to equity must go with clean hands. My take on the issue reported is that it a calcualated attempt to rob the Trader his winnings. God will not allow this and the wish of the masses is the voice of God. How on earth should a broker allege vulnerability of software? What of the vulnerability of counter software when losses are recorded by Traders?
The Broker should have assessed his system firewalls to defend their software and other related potential hacking if it is possible. This should have been a learning point to review their system vulnerability against any external attack and guard against future occurrence. The Broker should be given a matching order to return the guys money with accrued interest and further debriefed as a broker through NFA and other regulatory bodies to send a warning signals to a host of other Brokers who indulge in the manipulation of their system resulting to substantial slippages.
Finally it should be further confirmed that trading was done in one of the news releases to further
strengthen the Traders position.
Orah Tony O
He who goes to equity must go with clean hands. My take on the issue reported is that it a calcualated attempt to rob the Trader his winnings. God will not allow this and the wish of the masses is the voice of God. How on earth should a broker allege vulnerability of software? What of the vulnerability of counter software when losses are recorded by Traders?
The Broker should have assessed his system firewalls to defend their software and other related potential hacking if it is possible. This should have been a learning point to review their system vulnerability against any external attack and guard against future occurrence. The Broker should be given a matching order to return the guys money with accrued interest and further debriefed as a broker through NFA and other regulatory bodies to send a warning signals to a host of other Brokers who indulge in the manipulation of their system resulting to substantial slippages.
Finally it should be further confirmed that trading was done in one of the news releases to further
strengthen the Traders position.
Orah Tony O
Lyndylulubelle
Private
- Messages
- 19
I have to agree with some of the the replies above. There does seem to be a lot of dodgy brokers using software as a lame attempt to try and justify their dishonest behaviour. Whatever happened to customer service? At the end of the day from an ethical perspective, faulty software etc. is ultimately the responsibility of the broker/provider regardless of the situation. How do these people sleep at night???
The below was the last mail I received from fxup.me a day after I filed this case against them.
Cooperation offer
FROM: IB@fxup.me
TO: Kayode Adelakun
Thursday, July 26, 2012 5:08 PM
Dear KAYODE ADELAKUN!
We really like your energy. And we would like to invite you to
participate in IB Program.
Also only for you we are ready to offer initial condition equal 50% of
the spread (at least 1 point) on each closed transaction client
attracted by an Introducing Broker. So I am talking about:
10 lots ~ $50
100 lots ~ $500
1000 lots ~ $5000
If we see positive trends in our cooperation, we are ready to meet
personally and discuss additional terms.
Consider this proposal and if you're interested, I'll be glad to
answer any additional questions.
Best regards, UPME GROUP IB team, Elvira
Cooperation offer
FROM: IB@fxup.me
TO: Kayode Adelakun
Thursday, July 26, 2012 5:08 PM
Dear KAYODE ADELAKUN!
We really like your energy. And we would like to invite you to
participate in IB Program.
Also only for you we are ready to offer initial condition equal 50% of
the spread (at least 1 point) on each closed transaction client
attracted by an Introducing Broker. So I am talking about:
10 lots ~ $50
100 lots ~ $500
1000 lots ~ $5000
If we see positive trends in our cooperation, we are ready to meet
personally and discuss additional terms.
Consider this proposal and if you're interested, I'll be glad to
answer any additional questions.
Best regards, UPME GROUP IB team, Elvira
Try to open an account with them, then you will see ECN and NDD order execution type. You also said it is insane to trade 2lots on $250 account, but that is not the issue now and also this is how I trade.
